The question on many people’s minds is whether solar energy is cost-effective. Answering this question can be quite tricky as you have to think in the long term rather than in the short term.- Commercial and Residential Installations
If you do as advised, you would realize that solar energy is one of the most cost-effective energy solutions. On the other hand, you might not have the same view if you think about it in the short term.
The reason is that the installation cost and a couple of other upfront costs make it seem like the most expensive option. This is especially true if you are situated in certain parts of the United States and beyond. For more on this subject, you can visit:Â https://www.consumeraffairs.com/
Many prospective residential and commercial clients are unable to afford solar energy in New York because of the upfront cost. This is why the policymakers and those in power in the state of New York have made moves to help out. This is by setting up several incentives that enable commercial and residential installation.
Knowing these incentives will benefit a lot and this is why we will shed light on some of them here. We advise that you keep reading so that you are not unaware of incentives that can help you benefit from solar energy installation.
Even contractors are advised to know about these programs and incentives. This will give them an edge by allowing them to work for clients that make the most of these programs and incentives.
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NY-Sun Program
Thanks to this project, many low-income residents in this state can own a solar system. The incentives do not only come in the form of funding but training, education, and tax credits.
It is all about ensuring that this energy source is accessible to residents of this state. Just so you know, the Governor and his administration are actively involved in making this project a reality. This is because it is a huge part of the administration’s vision for the state.
To benefit from this project, contractors need to apply via NYSERDA. Contractors are advised to take this seriously as the lure of getting solar installed at very reduced costs is something that many commercial and residential clients cannot turn a blind eye to.
This means that contractors that do not apply cannot enable their clients to make the most of this project. As a result, they are likely to lose out on several clients. So, this concerns contractors in more ways than they can imagine.
Megawatt Block Incentive Structure- Commercial and Residential Installations
This incentive system is attached to the one discussed above. However, it is more defined as strong discounts are offered and this is based on certain things. Location is one of the deciding factors even though all parts of New York can take advantage of it.
By and large, a defined amount of incentive is issued out to a location. The more it is claimed, the fewer stakes others in the location have to the incentive. For this reason, one of the things to know about the Megawatt Block Incentive Structure is that time is of the essence.
Tax Credit for Solar Equipment in New York State- Commercial and Residential Installations
The cost of solar installation is largely determined by the power need. In other words, the power needs are what determine the capacity of equipment that would be installed.
In the bid to lessen the financial burden, consumers can get back credit of no more than 5000 dollars. The idea is to incentivize by paying for 25% of the entire equipment cost. Consumers that take advantage of this can save quite a lot with this massive incentive offer.
However, consumers have to be deliberate about purchasing from the right source to enjoy this benefit. On this note, system purchase needs to be outright or via a PPA agreement or a lease.
Also, those in charge of issuing this incentive need to be sure solar radiation is used to power appliances. Such appliances include those used for cooling, heating, and supplying hot water.
NY Green Bank
All of the programs explained above are about helping residential and commercial consumers. Contractors are equally not left out as beneficiaries. This is considering how their prospective clients can afford solar energy thanks to these projects.
Well, you should know that contractors, residential and commercial consumers are not the only ones that benefit in this regard. The NY Green Bank is an example of how this happens.
This is considering how it is focused on generating more investors for the sake of improving solar energy. Partnership is made with the private sector to help in this regard.
And just so you know, quite a lot has been done in this regard. Well over 1 billion dollars has been invested for the sake of developing this energy source.
Net Metering
Several things need to be considered when determining how cost-effective solar energy is. One of them is the possibility of earning from simply having solar equipment installed.
The Net Metering project is one of the reasons this is possible. This is because excess power generated from your solar installation can be sent to the grid and you would earn as a result. For more on this subject, you can read this article.
Conclusion
Four projects to incentivize solar energy in the State of New York have been discussed here. There are a lot more than these projects to help consumers and contractors in New York and you should make the most of them. This is so that the financial burdens associated with installing this clean energy source will be reduced.
